Decision 2006: Seattle Voters Overwhelmingly Approve I-91

Sonics Owner Says Passage Of I-91 Makes
It Harder To Build New Arena In Seattle

Seattle voters by a 3-to-1 ratio approved Initiative 91, which requires the city
“to receive a ‘fair value’ cash profit ... in return for services or real estate
it provides professional sports franchises,” according to Stuart Eskenazi of the
SEATTLE TIMES. The fair value is deemed to be “no less than the rate of return
on a 30-year U.S. Treasury Bond, which is about 5[%] currently.” However, the
passage of I-91 “would not necessarily stop a new arena deal for the Sonics and
[WNBA] Storm from being made.” The bill does not restrict “spending county or
state taxes on an arena in Seattle -– the tax model used to build Safeco and Qwest
fields.” Sonics and Storm Owner Clay Bennett said, “The passage of [I-91] makes
it much more difficult to build a multipurpose arena to serve as the new home
for the Sonics within the city of Seattle. While Seattle will now be relegated
to a second-tier status, we will continue to seek other sites within King County.”
Bennett added that the club “will honor its lease at KeyArena, which expires in
2010, and ‘then hopes to relocate to a new facility outside of Seattle but within
King County’” (SEATTLE TIMES, 11/8). Chris Van Dyk, who headed the campaign
for I-91, said, “With this kind of vote in the city of Seattle, it’s extremely
unlikely that any tax subsidy would make its way through the Legislature, particularly
one without a public vote [as Bennett has called for]” (SEATTLE POST-INTELLIGENCER,
11/8).